HomeMy WebLinkAbout780538.tiff RESOLUTION
RE: APPROVAL OF AGREEMENT FOR SALE AND PURCHASE OF REAL ESTATE
BETWEEN WELD COUNTY, COLORADO, SELLER, AND BARRY E. SERLIS,
PURCHASER, AND AUTHORIZATION FOR CHAIRMAN TO SIGN SAME.
WHEREAS, the Board of County Commissioners of Weld County,
Colorado, pursuant to Colorado statute and the Weld County Home
Rule Charter, is vested with the authority of administering the
affairs of Weld County, Colorado, and
WHEREAS, Weld County, Colorado as Seller and Barry E. Serlis
as Purchaser entered into an agreement for the sale and purchase
of certain real estate wherein Weld County agreed to sell and
Barry E. Serlis agreed to purchase the following described real
estate, to-wit:
lots 1, 2, 3, 4 and 5 inclusive, Cranford Subdivision,
Block 162, City of Greeley, Weld County, Colorado.
WHEREAS, the abovementioned agreement between Weld County
and Barry E. Serlis was presented to the Board of County Comm-
issioners of Weld County, Colorado, said agreement attached hereto
and incorporated herein by this reference, and
WHEREAS, the total sum of said agreement is One Hundred Eighty
Six Thousand Five Hundred Dollars ($186 ,500 . 00) , and
WHEREAS, Barry E. Serlis as Purchaser shall pay to Weld County,
Colorado as Seller $1, 865. 00 earnest money upon execution of said
agreement.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Comm-
issioners of Weld County, Colorado that the agreement for sale
and purchase of real estate between Weld County, Colorado as Seller,
and Barry E. Serlis as Purchaser for a total sum of One Hundred
Eighty Six Thousand Five Hundred Dollars ($186 , 500 .00) be, and
hereby is , approved, and further that Barry E. Serlis as Purchaser
shall pay to Weld County, Colorado as Seller $1, 865.00 earnest
money upon execution of said agreement.
BE IT FURTHER RESOLVED by the Board of County Commissioners
of Weld County, Colorado that the Chairman of the Board be, and
hereby is , authorized to sign said agreement.
///
' 7 80 53 8
The above and foregoing Resolution was , on motion duly made
and seconded, adopted by the following vote on the 21st day of
August, A.D. , 1978 .
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
, 1'(7.,(7 _" zet<er.E.ci (No)
•
ATTEST: kestri
'T�`la..U "
(i
Weld County Clerk and Recorder
and Clerk to the Board/
4:-,) -,4 7/1 ' JC l\
/ Deputy aunty er
APPROV D AS TO FORM: j
'7
County Attorney
Date Presented: August 23 , 1978
The printed portions of this form approved by the
Colorado Real Estate Commission (SC 22-111-951
RECEIPT AND OPTION CONTRACT
(COMMERCIAL)
August 21 , 1978
RECEIVED PROM - Barry E. Serlis
Purchaser las joint tenants),the suns of 1865.00 a personal check
J S. ,in the form of _
to be held by seller --- -_
K4f!✓1✓tl1ilic,FNdJtAr(i/J:(46✓A,
as earnest money and part payment for the following described real estate situate in the -
1 County of Weld Colorado tow;): Lots 1 through 5 inclusive, Block 162,
Cranford Subdivision, City of Greeley
with all easements and rights of way appurtenant thereto, all improvements thereon and all fixtures of a permanent
nature currently fin the premises except as hereinafter provided, in their present condition, ordinary wow. and tear
excepted,
which l property
as
purchaser figrees to Ion' upon the following terms and conditions, for the purchase price of r
$ .186,500.00 ,payable as follows: $ 1865.00 hereby receipted for,$184,635.00
in cash or certified funds to be paid at time of closing and delivery of deed.
•
•
I l
1. If note and trust deed or mortgage is to lie assumed,t he purchaser agrees to pay a loan transfer fee not to exceed
S —0— and it is a condition of this coot:tic' that t he purchaser'nay assume such encu mhra ice without change I
in its terms or conditions except None
2. Price to include the following personal property: all items currently attached or located
on premises at time of execution of this contract Ili'
I I
to be conveyed by hill of sale at time of closing in their present condition, free and clear of all personal property taxes,
hens and encumhrances,except:
• None
- and except :my personal property liens in any encumbrance specified in paragraph 4.
The following fixtures of a permanent nature are excluded from this sale:
None
:y✓• y rityleJoaf/rtylyirvi j•]yt yit.e✓t/Syfeyi'ili s'y1/41 y4}t✓94. a current commitment for title insurance policy in an
amount equal to the purchase price, at seller's 91),4,6yfMil expense, shall be furnished the purchaser on or before
June 1 ,19 79.If seller elects to furnish said title insurance commitment,seller will
deliver the title insurance policy to purchaser after closing and pay t he premium thereon.
4. Title shall be merchantable in the seller.Subject to payment or tender as above provided and compliance with the
other terms and conditions hereunder by purchaser, the seller shall execute 'Ind deliver a good and sufficient
general warranty dyed to said{urclit er uu June 1, at 3:00 P.M. 79
s - __ - ,19__. ,or,by mutual
agreement, at an earlier date, conveying said property free and clear of all taxes, except the general taxes for 1979_.
payable J:uurary L 19 80,and except_ any lien resulting from the inclusion of said premises
. in the-Northern Colorado Water Conservancy District
free and clear of all lions for special improvements now installed, whet her assessed or not: free and clear of all liens and
encun lnInces except: None
A____.... _.__-. _ _
No.SC 221075.Receipt and Upl'oatmo r (Commercial) Coal to Ii,-i w'u1 1s21 a:xmat st ,,I.ieine .(1,]t iarSt 0111 It-5
and except the following easements: those in use or of record
and subject to building and zoning.regulations and t he following restrict i ve covenants: None
Any encumbrance required to be paid may be paid front the proceeds of this transaction.
5. General taxes for 1979 shall be apportioned to date of delivery of deed based on the most recent levy and the
most recent assessment. Personal property taxes, prepaid rents, water rents. sewer rents, FIIA mortgage insurance
premiums and interest on encumbrances,if any,Aid/
shall be apportioned to date of delivery of deed.
6. The hour and place of closing shall he as designated by mutual agreement
,
7. Possession of premises shall be delivered to purchaser on delivery of deed
subject to the following leases or tenancies: none
If the seller fails to deliver possession on the date herein specified, the seller shall be subject to eviction and shall be
liable for a daily rental of$ -0-_ - until possession is delivered.
S. In the event the premises shall he damaged by fire or other casualty pi iur to time of closing. in an amount of not
more than ten per cent of the total purchase price,the seller shall be obligated to repair the same before the date herein
provided for delivery of deed. In the event such damage cannot be repaired within said time or if such damage shall
exceed such sum, this contract may he cancelled at option of purchaser. Should the purchaser elect to carry out this
agreement despite such damage. such purchaser shall be entitled to all the credit for the insurance proceeds resulting
from such damage, not exceeding, however, the total purchase price. Should any fixtures or services fail bet ween the
date of this agreement and the date of possession or the date of delivery of deed, whichever shall he ea lier, then the
seller shall be responsible for the repair or replacement of such fixt ales or services with a unit of similar size, age and
quality,or an equivalent credit.
9. Time is of the essence hereof,and if any payment or any other condition hereof is not made,tendered or performed
as herein provided, there shall be the following remedies. In the event a payment or any other condition hereof is not
made,tendered or performed by the purchaser.then t his contract shall be null and void and of no effect,and both parties
hereto released from all obligations hereunder,and all payments made hereon shall he retained on behalf of the seller as
liquidated damages. In the event that the seller fails to perform any condition hereof as provided herein, then the
purchaser may,at his election,treat the contract as terminated, and all payments made hereunder shall be returned to
the purchaser; provided, however, that the purchaser may, at his election,treat this contract as being in full force and
effect with the right to an action for specific performance and dtunsges.
111. In t he event the seller fails to approve this lust rument in writ ing on or before August 21
19__78,or if title is not merchantable and written notice of defects is given to the seller or agent within the time herein
provided for delivery of deed and shall not be rendered merchantable within 60(lays after such written notice.then this
contract,at purchaser's option,shall be void and of no effect and each party hereto shall be released from all obligations
hereunder and the payments made hereunder shall be returned forthwith to purchaser upon return of the abstract, if
any, to seller: provided, however, that in lieu of correcting such defects, seller may, within said 60 clays, obtain a
commitment for Owner's Title Insurance Policy in the amount of the purchase price showing the title to be free front
such defects and seller shall pay full premium for such Title Insurance Policy.
11. Additional Provisions: THIS CONTRACT is expressly contingent upon purchaser
receiving a satisfactory award of Section 8 funds from HUD prior to Nov. 1,
1978. Further, should renegotiation of price be required, such negotiations shall
be completed prior to January 1, 1979. It is further contingent upon the occur-
ance of an initial endorsement of an FHA insured mortgage note prior to June 1,
1979.
12. Upon approval hereof by the seller, this agreement shall become a contract between seller and purchaser and
shall inure to the benefit]the sirs,successors and assigns of said parties.i.- - _. Agent _.
Dae
By:
Seller approves approves the above contract this _ day of .. ---__—,19___alhflzEtxj+eei
PYf75'Y2WPYr/9/941PAfirYYYVVY YOp /V9911/V1O+Y9NxP/9114471/AM' IVYVAYVs✓YDO/VSYVp> /VVY Cpl/
7°)CANYtPIYYsigix'A Y7V/IMPPYf'AMA,PAlcAMOHYV giVIAYY ^ YYPANivilt
Purchaser's Address P.O. Box 1407 - Longmont, Colorado
Seller's Address
AGREEMENT FOR SALE AND PURCHASE
OF REAL ESTATE
THIS AGREEMENT, Made at Greeley, Colorado, this c(i— day
of 4->C1U;1-1- , 1978 , between WELD COUNTY, a Political
Subdivision of the State of Colorado (Seller) and BARRY E. SERLIS,
(Purchaser) ,
WITNESSETH THAT in consideration of the payment by Purchaser
to the Seller the sum of One Hundred Eighty Six Thousand Five
Hundred Dollars ($186 , 500 . 00) in cash, the Seller agrees to sell
to the Purchaser the property, including all improvements thereon
and all fixtures of a permanent nature currently on the premises
except as may be provided for with all easements and rights-of-way
and appurtenances thereto, more particularly described as follows :
Lots 1, 2, 3, 4 and 5 inclusive, Cranford Subdivision,
Block 162, City of Greeley, Weld County, Colorado.
This agreement of sale and purchase is subject to the following
conditions :
1. That Purchaser shall proceed with due diligence to develop
subject property as elderly housing under the cooperation of
various government agencies, including the obtaining of appropriate
zoning therefor.
2. That Purchaser will apply and can obtain a firm commit-
ment from F.H.A. for Section 221 (d) (4) financing for housing for
the elderly.
3. That Purchaser will apply and can obtain an award from
H.U.D, to provide Section 8 funds for elderly rental supplements
for the project.
4 . That subject to the approval and disbursement of the
aforementioned commitment and loans as provided for in 1, 2 and 3
hereinabove, Purchaser agrees to pay for subject property the sum
of One Hundred Eighty Six Thousand Five Hundred Dollars ($186 ,500 .00)
upon disbursement of said F.H.A. loan.
5 . It is understood and agreed that Purchaser shall make an
immediate application for a loan or loans upon said premises and
improvements , and that Purchaser shall pay to Seller $1, 865. 00
Page 1 of 3 pages
earnest money upon execution of this Agreement.
6 . Purchaser must obtain a response from H.U.D. on or before
November 1, 1978 as to, whether or not the proposed project is
feasible. Should this not be done on or before November 1, 1978 ,
then this agreement shall terminate. If Purchaser has diligently
pursued its application to H. U. D. and this Agreement terminates
through no fault of its own, then Purchaser shall be entitled
to the return of its earnest money. Should Purchaser be at fault,
then the $1 , 865. 00 earnest money shall be retained by Seller as
liquidated damages.
7. Should H.U.D. determine the proposed project unfeasible,
and a lower purchase price would make the project feasible, then
Purchaser and Seller shall renegotiate a purchase price, said
negotiations to be completed on or before January 1 , 1979 with a
new purchase price established, or this Agreement shall terminate
and Purchaser shall be entitled to the return of its earnest money.
8 . Should Purchaser and Seller negotiate a new purchase
price on or before January 1, 1979, then closing shall occur on
or before June 1, 1979 by delivery of the deed, possession, title
insurance commitment and payment of the balance of the purchase
price.
9. Time is of the essence and if closing does not occur on
or before June 1, 1979 , then this Agreement shall be void and of
no effect at the option of the party not in default. In the event
of such default by Purchaser and Seller elects to treat the
Agreement as void, then the $1, 865. 00 earnest money shall be
retained by Seller as liquidated damages. In the event the
non-defaulting party elects to treat this Agreement as being in
full force and effect, then nothing herein shall be construed to
prevent its specific performance.
10. Seller shall furnish to Purchaser a commitment to insure
the title to said property which shall reveal a marketable title
to said property in the Seller and after full payment shall cause
to be issued to Purchaser a title insurance policy by which a
marketable title to the above described property free and clear
of liens and encumbrances is insured by the Seller.
Page 2 of 3 pages
11 . Hazard insurance covering the improvements on said
property shall be carried by the Seller from and after the date
of the execution of this agreement and until closing.
12. Title to said property shall be conveyed by Weld County,
free and clear of liens and encumbrances but subject' to reserva-
tions, exceptions, covenants, conditions and restrictions
evidenced by instruments of record, rights 'of-way and easements
created by instruments of record or established on the premises.
IN WITNESS WHEREOF, the parties hereto have hereunto subscribed
their names the day and year first above written.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
SELLER:
By: GD:
� (� �w Ed Dunbar, Chairman
�.Jy(ATTEST: !► y I ;J
Weld County Clerk and Recorder
,end Clerk to the Boa
IC
'/ eputy County Clerk
A PROVF�AS TO F
52)
County Attorney
PURCHASER:
By:
Barry . Serlis
Page 3 of 3 pages
Hello